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Paramount Skydance Slashing 1,000 Jobs In First Round Of Layoffs, Reports Say
Paramount Skydance Corporation will cut about 1,000 jobs in the first wave of layoffs since the media giant's controversial $8.4 billion merger, according to reports.
The company is expected to begin the job cuts on Wednesday, Oct. 29, Bloomberg News reported. A source told Bloomberg that a second round of cuts is expected later, bringing the total number of layoffs to around 2,000.
Most of the affected employees will be based in the US, while international divisions are planning cutbacks, Deadline reported. Paramount Skydance executives have promised investor…
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the US.
The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica.
Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …
CNN To Shut Down Streaming Service One Month After Debut
Just a month after its debut, CNN is shutting down its streaming service, CNN+, according to CNN Business.
Subscribers have until Saturday, April 30 to watch programming, at which point CNN+ will cease to exist, the outlet reported.
The move comes amid a major shakeup in company management after CNN’s former parent company, WarnerMedia, merged with Discovery to form Warner Bros. Discovery.
David Zaslav, the CEO of Warner Bros. Discovery, plans to instead house all of the company’s brands under a single streaming service, CNN Business reported.
“In a complex streaming market, consumers wan…
